Franklin Templeton announces tax-free dividend in Franklin India Bluechip Fund

Company Brief

Mumbai, January 03, 2008

Franklin Templeton Investments (India), one of the largest* mutual fund houses in the country has announced a tax-free dividend of Rs.7/- per unit on the face value of Rs.10/- in its open-end diversified equity fund – Franklin India Bluechip Fund (FIBCF), which is one of the largest equity funds in the country. The fund was the first mutual fund scheme to be launched in the private sector in 1993. All investors registered in the Dividend Plan as on January 9, 2008 will receive this tax-free dividend. (Pursuant to payment of dividend, the NAV of the fund would fall to the extent of payout).

The record date for the dividend is January 9, 2008 and any purchases on or before this date will be eligible for the dividend. There will be a one-day book closure for the growth and dividend plans in the respective funds on January 10, 2008 and will reopen for fresh purchases and redemptions on January 11, 2008. Under the dividend reinvestment plan, the dividend declared will be reinvested in the respective funds at the NAV of January 11, 2008 and unitholders will be allotted additional units for the dividend amount.

Franklin India Bluechip Fund was launched in Dec 1993 as a closed end equity scheme and was converted to an open end scheme in Jan 1997. The fund manages over Rs.2900 crores of assets for over 200,000 investors$.

For further information, please contact:

Franklin Templeton

Padmanaban Nair

Tel: +91-44-2467 9203

Mobile: +91-098407 00786

Email: gpadman@templeton.com